Osb Share Discussion Threads

[mazarin] 10/1/2018 05:23

Thanks Chet, well spotted, now we'll see how it affects the share price in coming days. Although I noted OSB recovered all of the previous week’s loss (+6.5p) in one session yesterday.

[che7win] 09/1/2018 23:10

There it is:PRESS RELEASE9 January 2018Accelerated bookbuild offering of approx. 24.3 million existing shares in OneSavings Bank PlcCitigroup Global Markets Limited ("Citi") and Credit Suisse Securities (Europe) Limited ("Credit Suisse") announce the launch of an accelerated bookbuild offering to institutional investors (the "Transaction") of approximately 24.3 million existing ordinary shares in OneSavings Bank Plc ("OneSavings Bank") (representing approximately 10% of OneSavings Bank's issued share capital) on behalf of funds managed and advised by J.C. Flowers & Co. LLC (the "JCF Funds").Bookbuilding will commence immediately. Citi and Credit Suisse are acting as joint global coordinators and joint bookrunners in the Transaction. N M Rothschild & Sons Limited ("Rothschild") is acting as the sole financial adviser to J.C. Flowers & Co. LLC on the Transaction. A further announcement will be made following completion of the bookbuilding and pricing of the Transaction.In parallel with the bookbuild, a number of existing ordinary shares in OneSavings Bank held on behalf of the JCF Funds equal to approx. 9% of the number to be sold under the bookbuild process ("Investor Shares") will be distributed to certain investors in the JCF Funds ("Investors"). For the avoidance of doubt, these Investor Shares are separate from and would be distributed in addition to the shares to be sold under the bookbuild arrangements.Lock-up commitments for the period from the closing of the Transaction until the release of OneSavings Bank's 2017 Preliminary Results, subject to certain customary exceptions, will be given by the JCF Funds.OneSavings Bank will not receive any proceeds from the Transaction.

[isaallowance] 05/1/2018 17:52

For comparison, Aldermore is currently sitting at price to tang book of 1.65 after the takeover premium. Adding a sensible takeover premium to OSB would result in p/b of at least 2.4, or more. OSB are clearly working their book really well to make the profit they do - I'm not sure any bidder could be confident of doing any better post takeover.

[isaallowance] 03/1/2018 23:38

Personally I feel a bid is unlikely - price to tang book at 1.94 is pretty high compared to other banks, and I think p/b is likely to be more important to bidders relatively than investors, for whom p/e is more important.

I hold though for the low p/e and rising divi. (only challenger bank I have left after SHAW got taken out and I sold VM)

[mazarin] 03/1/2018 14:34

Today marks the approaching 90day deadline since JC Flowers sold their last tranche of OSB. So I took today's strength as an opportunity to sell mine now, for similar reasons as Chet, as I too am expecting JC Flowers to be possibly dumping more soon. Now I'm out, of course it may not happen and only time will tell, but one thing's for certain, I won't be out for too long.

JC Flower's Notice as released on 03/10/17 is as follows:

"4 October 2017

Accelerated bookbuild offering of 20 million existing shares in OneSavings Bank Plc

Further to the announcement released on 3 October 2017, Citigroup Global Markets Limited ("Citi") and Credit Suisse Securities (Europe) Limited ("Credit Suisse") announce that funds managed and advised by J.C. Flowers & Co. LLC (the "JCF Funds") have sold 20 million shares in OneSavings Bank Plc, representing approx. 8% of the share capital in the company. The shares were sold at 375 pence per share, equating to gross proceeds of £75 million for JCF Funds.

The proceeds of the Placing are payable in cash on usual settlement terms, and closing of the Placing is expected to occur on a T+2 basis on 6 October 2017, subject to the satisfaction or waiver of certain customary conditions. Citi and Credit Suisse are acting as joint global coordinators and joint bookrunners in the transaction and N M Rothschild & Sons Limited ("Rothschild") is acting as the sole financial adviser to J.C. Flowers & Co. LLC on the transaction.

As previously disclosed, a number of existing shares in OneSavings Bank Plc held on behalf of the JCF Funds equal to approx. 6% of the number sold under the bookbuild process ("Investor Shares") have been distributed to certain investors in the JCF Funds ("Investors"). For the avoidance of doubt, these Investor Shares are separate and in addition to the shares sold under the bookbuild arrangements.

Lock-up commitments for the period of 90 days from the closing of the transaction, subject to certain customary exceptions, have been given by the JCF Funds.

OneSavings Bank Plc will not receive any proceeds from the transaction."

[che7win] 28/12/2017 10:09

Yes, FF, They will be good.

[future financier] 28/12/2017 09:11

Good luck elsewhere che7win - just make sure you are back in these in the run up to the annual results in March!

[che7win] 27/12/2017 09:26

I've sold out of here for now, 5689 shares this morning, I had bought some at 438p and 440p and more at 253p back in August 2016, over all £4000 profit + dividends.

Slight niggle about JC Flowers wanting to sell some in the new year but really I wanted to invest proceeds elsewhere.

[che7win] 11/12/2017 17:41

Trimmed a few today to support other positions, back to a comfortable core level here.

[che7win] 08/12/2017 12:13

Maz, Agreed, the market can and does stretch our patience at times.

[mazarin] 08/12/2017 11:44

Chet
The last time I got back in, I bought a couple days too early, as the share price continued to fall several points under £4, Its always a 'punt', but once committed I think it's generally better to relax, sit back and let it come back up. I am not one of those 'lucky few' who 'seemingly' manage to buy at the absolute bottom and then sell at the top. The only time to really know when its best to 'buy and sell' is retrospectively - by which time, it's only 'wishful thinking' and entirely immaterial.

[che7win] 07/12/2017 10:35

Sellers dried Up, P/E 8 against 20% growth.Bid could come anytime at this price, think fair price is 500p but I'm overweight here.

[mazarin] 07/12/2017 10:31

I've just edged into profit since my last return and buy in, although its taken a while. So lets see how this pans out.

[che7win] 29/11/2017 15:51

OSB on this dividend list:

[che7win] 29/11/2017 13:36

Interceptor, We should be at 500p now based comparing to PAG, frustrating share right now.

[che7win] 29/11/2017 13:34

Peer PAG rocketing at three year highs.

[interceptor2] 29/11/2017 08:52

Strange how the price action at PAG has been positive after a fairly neutral full year result announcement. Yet the OSB share price has been much more subdued after a very bullish trading update.

I follow all of the challenger banks and only hold OSB because fundamentals, technicals are the most attractive imo, as well as issuing what I thought was the strongest update in this sector.

Maybe sentiment is changing now?

[che7win] 29/11/2017 08:48

?Let's spell it out:PAG is at forward P/E 10 for next year.??OSB with higher growth is at a P/E 7.6 next year.??OSB same rating should be at 500p, or 25% higher.?

[che7win] 29/11/2017 08:28

PAG storming up many days now, we should be at 450p by now.We will be at new highs soon IMHO, this is severely undervalued post the budget.Sitting duck.

[che7win] 28/11/2017 13:57

PAG up strongly again today, OSB trails again yet is cheaper.

JC Flowers might facilitate a cheap takeover if the share price persists this low IMHO.

[che7win] 27/11/2017 14:31

Steve, Thanks for that.The MMs do love to fish for stock sometimes.

[steve3sandal] 23/11/2017 22:34

I see OSB is a tip of the week in the Investors Chronicle. Nothing new but can only help the cause.

[che7win] 23/11/2017 10:00

PAG results were not overly impressive to me but the market has moved them up sharply.

Their P/E must be around 11 or so?

We should be £1 higher to match their rating - this remains a sitting duck to me and OSB performing much stronger than PAG IMHO.

[che7win] 22/11/2017 20:04

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